Joint Venture to Purchase and Grow the
Only Large-Scale, Beachfront Resort
in Coastal Georgia's
Golden Isles
ST.
SIMONS ISLAND, Ga., Aug. 13,
2024 /PRNewswire/ -- South Street Partners ("South
Street"), a leading private equity real estate investment firm
headquartered in Charlotte and
Charleston, and TPG Real Estate,
the dedicated real estate platform of global alternative asset
management firm TPG, announced today that they have formed a
joint venture (the "JV") to acquire The King and Prince Beach & Golf Resort ("The King and
Prince" or "the resort"), the largest beachfront resort in coastal
Georgia's Golden Isles.
South Street Partners & TPG Real Estate
Partners IV Aquire The King and Prince
Beach & Golf Resort
South Street and TPG Real Estate are acquiring the resort and
golf club from MMI Hospitality Group ("MMI"), a Mississippi-based, family-owned and operated
private investment partnership focused on service industry
businesses, who initially invested in the property nearly 45 years
ago. The King and Prince will continue to be operated by MMI Hotel
Group, their management division. The JV will focus on elevating
the resort and club offerings, with plans for a comprehensive
renovation to rooms and common spaces. This capitalization is the
latest investment by South Street's inaugural SSP GP Fund I.
Breakwater, a Charleston-based
hospitality investment, development, and advisory firm served as
the exclusive agent to the seller.
Located on St. Simons Island,
the 142-key resort campus spans nearly six acres with direct beach
access and amenities that include bars and restaurants, resort
style swimming pools, and sport courts. Guests can enjoy an 18-hole
golf course at The King and Prince Golf Club, located just a few
miles north of the hotel. The resort offers 10,000 square feet of
meeting space, along with a tented lawn for events and
celebrations. The property includes developable land and beachfront
condos for purchase.
"This transaction represents a compelling
opportunity to acquire the largest, beachfront resort located on
St. Simons Island out of long-term
family ownership. Both the resort and golf club complement our
existing portfolio of exceptional assets located in high-growth,
Southeastern markets. We are excited to be partnering with TPG on
the acquisition; our teams are well-positioned to work with the
Sturdivant family, MMI, and the local community to revitalize and
re-launch this iconic asset through a comprehensive renovation over
the next few years," said Chris
Randolph, Partner, South Street.
"This is a unique opportunity to acquire an
irreplaceable resort that is positioned for continued growth
through its beachfront location in a supply-constrained market,"
said Tripp Johnson, Partner with
TPG. "We are pleased to partner with South Street, which has a
distinctive track record in transformational renovations of leisure
hotels, and the Sturdivant family and MMI, with their deep local
expertise, to support and enhance the asset."
"We are honored to partner with South
Street and TPG as we embark on the next great chapter of our
beloved resort. Since 1980, The King and Prince and MMI's legacies
have been tightly interwoven, our ideals strategically aligned to
curate a cherished vacation destination known for its authentic
Southern hospitality, one that will endure for
generations," said Micajah P Sturdivant IV, Chief Executive Officer
of MMI. "South Street and TPG truly appreciate the distinctive
character of this iconic property, its rich history, and most
importantly its significance to the Golden Isles. This
collaboration will generate many new possibilities, and I am eager
to see what the future holds."
About South Street Partners
South Street Partners, one of the largest owners and operators
of private residential club and resort communities in the United States – including Kiawah Island, Palmetto Bluff, The Cliffs,
Naples Grande, Barnsley Resort, Elevation Hotel & Spa and
Residences at Salamander – is a private equity real estate
investment firm headquartered in Charlotte, NC and Charleston, SC. Founded in 2009, South Street,
on behalf of SSP GP Fund I, their institutional joint venture
partners and co-investment vehicles, has deployed over $1 billion of equity across resort, residential
and commercial properties and has over $2
billion of assets under management. South Street acts as a
principal investment platform as well as an operating partner and
co-investor for institutional partners interested in special
situations, opportunistic and value-add real estate investments in
the Southeast and Sunbelt regions as well as other select
continental US and international
markets. SouthStreetPartners.com
About TPG
TPG is a leading global alternative asset management firm,
founded in San Francisco in 1992,
with $229 billion of assets under
management and investment and operational teams around the world.
TPG invests across a broadly diversified set of strategies,
including private equity, impact, credit, real estate, and market
solutions, and our unique strategy is driven by collaboration,
innovation and inclusion. Our teams combine deep product and sector
experience with broad capabilities and expertise to develop
differentiated insights and add value for our fund investors,
portfolio companies, management teams, and communities. For more
information, visit www.tpg.com
About MMI Hospitality Group
MMI Hospitality Group has been owners of service-industry
investments for more than 66 years. Our sixth-generation holding
company seeks to take positions in future projects, but our primary
objective is to form a property-specific framework for team members
to maximize the attributes of the investments of others across the
hospitality industry.www.MMIHospitality.com
About Breakwater
Breakwater is a vertically integrated hospitality investment,
development, and advisory firm based in Charleston, SC. Founded in 2019, Breakwater
has asset managed over $1 billion in
hotel market value as well as completed over $200 million in value-add renovations. Breakwater
is actively seeking hospitality investments for existing, new
development, and redevelopment assets across the debt and equity
capital stack within the United
States. www.breakwaterco.com
Media Inquiries
South Street Partners
- Alex Malloy,
Alex@AlexandraMalloy.com
- Morgan Stewart,
Morgan@AlexandraMalloy.com
TPG
- Courtney Power /
media@tpg.com
MMI Hotel Group
- Chelsea Calhoun,
ccalhoun@mmihg.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/south-street-partners-and-tpg-acquire-the-king-and-prince-beach--golf-resort-on-st-simons-island-302220442.html
SOURCE South Street Partners